Cortland Bancorp (NASDAQ: CLDB) announced its first quarter 2020
financial results which included the ongoing impact of the COVID-19
pandemic. Net income for the first three months of 2020 was
$1.4 million, or $.32 per share, versus $2.1 million, or $.49 per
share, for the first quarter of 2019.
The decrease in earnings was precipitated by a $600,000 charge
to earnings for the provision for credit losses directly
attributable to the current COVID-19 pandemic. Specifically,
increases in the allowance for credit losses were recognized in the
qualitative factor allocations for specific concentrations of
credit in various loan portfolio segments as a result of current
economic conditions. James M. Gasior, President and CEO
commented, “Although the ultimate impact to businesses is unknown
at the current time, an increase in credit provisioning is
warranted given the economic disruption and uncertainty associated
with the COVID-19 pandemic.”
In addition, $41 million of loan prepayments in the fourth
quarter of 2019 and interest rate reductions by the Federal Open
Market Committee (“FOMC”) over the last three quarters contributed
to a contraction in the Company's net interest margin for the
quarter ended March 31, 2020. The margin contracted to 3.56% from
3.74% in the previous quarter and from 3.90% in the first quarter
2019. Total average loans of $502 million increased 1% both
from the previous quarter and from the prior year first quarter,
reflecting the softness in loan demand in the current
environment. Average deposits of $593 million increased by 2%
from the first quarter last year and remained flat on a linked
quarter basis.
The return on average assets ratio was .77% for the Company for
this first quarter, while the return on average equity ratio was
6.89%.
Cortland Bancorp remained well capitalized with total risk-based
capital to risk-weighted assets of 14.08% and tangible equity to
tangible assets of 10.27%.
First Quarter 2020 Highlights (at or for the period
ended March 31, 2020)
Net income of $1.4 million, or $.32 per share, for the first
quarter of 2020 was below the $1.9 million, or $.44 per share,
reported for the fourth quarter of 2019, as well as the $2.1
million, or $.49 per share, for the first quarter of 2019.
Actions taken by the FOMC relative to interest rates and the
stay-at-home orders by state government affected net interest
margin, as well as our customers’ business prospects.
The Company's reduced net interest margin resulted in a decrease
of $519,000 in net interest income for the first quarter ended
March 31, 2020 versus the first quarter of 2019. However,
benefiting from the lower rate environment, the mortgage banking
operation recognized gains of $596,000 on loan originations of
$15.7 million for the first three months of 2020 versus gains of
$337,000 on loan originations of $11.0 million for the same period
in 2019. The majority of originations was from refinances of
existing mortgage loans.
The efficiency ratio for the Company was 68.54% for the quarter
versus 63.69% for the same period in 2019.
The return on average equity ratio for the Company was 6.89% for
the quarter versus 12.75% for the same quarter in 2019.
The effective tax rate was 13.1% compared to 15.8% for the first
quarters of 2020 and 2019, respectively. The tax-free
investment income comprised a larger portion of earnings in 2020,
thereby reducing the effective rate.
A quarterly cash dividend of $0.14 per share will be payable on
June 1, 2020 to shareholders of record on May 15, 2020. This
equates to an annualized dividend yield of 4.25%.
The Company repurchased 146,318 shares in the first quarter of
2020 as part of its currently approved 300,000 share program.
In light of the COVID-19 pandemic, repurchases are suspended in
order to preserve capital in the uncertain environment.
Balance Sheet
Average assets, which neutralize the effect of seasonal year-end
transactions and balances, were $714 million at March 31, 2020,
compared to $692 million at March 31, 2019 and $713 million at
December 31, 2019.
As competition for loans has led to less-than-stringent credit
terms and thin pricing across our Northeast Ohio marketplace,
Cortland Bancorp has remained disciplined on underwriting and
pricing. Despite a willingness to pass on transactions which
do not align with our credit and pricing standards, along with an
increase in loan prepayments and payoffs, average total loans
increased 1% year over year, keeping the loan-to-deposit ratio near
81%. “Maintaining this ratio below 90% has been instrumental
in our controlling deposit costs and liquidity, thereby maximizing
the bank’s flexibility," Gasior added.
The loan portfolio remains diversified and comprised of both
retail and business relationships with commercial real estate loans
accounting for 62%, of which 15% are owner-occupied by
businesses. Commercial loans accounted for 15% while
residential 1-4 loans accounted for 17%.
Total average deposits grew by $10 million, or 2%, to $593
million for the first quarter of 2020 from $583 million in the
first quarter of 2019. Noninterest-bearing deposits accounted
for 22% of total deposits, while certificates of deposits were 23%
of the deposit mix.
“The Kasasa free checking account program continues to be
successful with more than 5,400 accounts now opened. Our
online banking capabilities allow customers to open a Rewards
Kasasa account on their computers or mobile devices,” commented
Gasior. "Online account openings for the past two months
alone have, on average, surpassed the average number of accounts
opened online per week for all of the previous calendar year."
Asset Quality
A provision for loan losses of $600,000 was recorded for the
three months ended March 31, 2020 versus $175,000 a year ago.
The increase is attributable to additional qualitative factors,
giving recognition to economic disruption and uncertainty
associated with COVID-19.
Nonperforming loans were $8.2 million, compared to $8.8 million
a year earlier and $8.5 million at December 31, 2019. The
ratio of nonperforming assets to total assets at quarter end was
1.15%. This reflects an improvement from the 1.28% reported a year
ago. The Company’s ratio of allowance for loan losses to
nonperforming loans was 61.81% at March 31, 2020. With the
loan portfolio of predominantly commercial real estate at low
loan-to-value ratios, collateral coverage weighs in as a
significant risk mitigation factor in evaluating credit
exposure.
Performing restructured loans, that are included in
nonperforming loans at the end of the quarter, were $6.1 million,
compared to $6.7 million a year ago and $6.2 million on a linked
quarter basis.
During the quarter we received requests to modify 101 commercial
loans aggregating $116.5 million primarily consisting of the
deferral of principal and interest payments and the extension of
the maturity dates.
The composition of these deferrals by industry are as
follows:
|
|
|
|
|
|
|
|
Type of
Loan |
Number of Loans |
|
Balance |
|
% of Total Loans |
|
|
|
|
(In 000s) |
|
|
Commercial and Industrial |
|
|
|
|
|
|
Trucking |
17 |
|
|
5,960 |
|
1 |
% |
|
Other |
23 |
|
|
17,747 |
|
4 |
% |
Commercial Real Estate |
|
|
|
|
|
|
Multi-family |
4 |
|
|
5,986 |
|
1 |
% |
|
Nonresidential |
15 |
|
|
38,449 |
|
8 |
% |
|
Hotels |
9 |
|
|
26,780 |
|
6 |
% |
|
Skilled
nursing/ personal care |
2 |
|
|
4,589 |
|
1 |
% |
|
Other |
31 |
|
|
17,002 |
|
4 |
% |
|
Total |
101 |
|
$ |
116,513 |
|
24 |
% |
|
|
|
|
|
|
|
In addition to the commercial loan deferrals, we received 26
residential loan deferral requests totaling $7.2 million.
These loan deferrals and modifications have been executed
consistent with the guidelines of the CARES Act. Pursuant to
the CARES Act, these loan deferrals are not included in our
nonperforming loans previously disclosed.
Capital
Cortland Bancorp continues to remain well capitalized under all
regulatory measures, with capital ratios exceeding the statutory
well-capitalized thresholds by an ample margin. For the year
ended December 31, 2019, capital ratios were as follows:
Ratio |
Cortland Bancorp |
Bank |
Well-capitalized Minimum |
Tier 1 leverage ratio |
10.65% |
9.49% |
5.00% |
Tier 1 risk-based capital
ratio |
13.18% |
11.75% |
8.00% |
Total risk-based capital
ratio |
14.08% |
13.70% |
10.00% |
COVID-19 Response
The pandemic affected the company both financially and
operationally. "We are committed to serving the needs of our
customers in an ever-changing environment," said Gasior. "We
recognize that COVID-19 is causing major concerns for the
communities we serve and our entire country. With this in
mind, Cortland Bancorp has instituted multiple relief actions in an
effort to assist our customers during this very difficult time. The
management team has activated its Pandemic Task Force with
representation from all areas of our company. The Task Force meets
frequently to discuss the current situation, safety, and needs of
our customers and employees. We are working diligently with
our customers as we all continue to battle COVID-19. As
part of these relief actions, the bank has temporarily suspended
residential foreclosure actions and is offering loan assistance
programs designed to help those customers who are experiencing or
are likely to experience financial difficulties directly related to
COVID-19 which is causing loss of individual income and/or
household income. In addition to loan deferrals, we are also
participating in the Paycheck Protection Program (PPP) stemming
from the CARES Act passed by Congress as a stimulus response to the
potential economic impacts of COVID-19."
The CARES Act, signed into law on March 27, 2020, authorized the
Small Business Administration to guarantee loans under a new 7(a)
loan program referred to as the Payroll Protection Program (PPP).
Under the bill, $349 billion was made available to small
businesses. On April 24, 2020 President Trump signed a bill
providing an additional $310 billion of additional relief funding
to small businesses. As of April 30, the Company approved 406
PPP loans totaling $56.2 million, an average of $138,400 per
loan. PPP loans are made for two years at a 1% fixed rate
with payments deferred for six months. The SBA will also pay
lenders a processing fee calculated on the loan balances ranging
from 1% to 5%. As loans are forgiven or are carried through
maturity, we will record interest and fees in accordance with the
guidelines of the CARES Act.
Our company has also taken many steps to protect the safety of
our employees and customers by temporarily adjusting branch
operations, limiting lobby usage on an appointment only basis and
encouraging drive-thru and ATM use along with internet banking.
Additionally, we have a number of employees working remotely, while
other essential employees and operational staff are working
split-shifts when possible, while following social distancing
guidelines. “While we have altered our operations to protect
our customers and employees, we have remained committed to
maintaining a high level of service to all of our customers during
these challenging times.
"The year began with a keen focus on continued growth in loans,
deposits and overall profitability; however, due to the pandemic,
we abruptly shifted our focus to risk assessment and risk
mitigation," said Gasior. "Over the last six weeks, a
majority of the efforts of our employees has been dedicated to
accommodating our current customer requests for payment relief, as
well as originating and submitting PPP loans for customers and
non-customers alike. Community banks have been instrumental
in securing PPP loans for small businesses and in saving
jobs. I am proud of our staff who have worked tirelessly to
secure these much-needed SBA funds. We have found this
experience helped solidify our current relationships, as well as
create some very valuable new ones.”
About Cortland Bancorp
Cortland Bancorp is a financial holding company headquartered in
Cortland, Ohio. Founded in 1892, the bank subsidiary, The
Cortland Savings and Banking Company conducts business through 14
full-service community banking offices located in the counties of
Trumbull, Mahoning, Portage, Ashtabula, Summit, and Cuyahoga in
Northeastern Ohio and a financial service center in Fairlawn,
Ohio. For additional information about Cortland Bank visit
http://www.cortlandbank.com.
Forward Looking Statement
This release may contain “forward-looking
statements” that are subject to risks and uncertainties. Readers
should not place undue reliance on forward-looking statements,
which reflect management’s views only as of the date hereof. All
statements, other than statements of historical fact, regarding our
financial position, business strategy and management’s plans and
objectives for future operations are forward-looking statements.
When used in this report, the words “anticipate,” “believe,”
“estimate,” “expect,” and “intend” and words or phrases of similar
meaning, as they relate to Cortland Bancorp or management, are
intended to help identify forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Although we believe that management’s expectations as reflected in
forward-looking statements are reasonable, we cannot assure readers
that those expectations will prove to be correct. Forward-looking
statements are subject to various risks and uncertainties that may
cause our actual results to differ materially and adversely from
our expectations as indicated in the forward-looking statements.
These risks and uncertainties include our ability to maintain or
expand our market share or net interest margins, and to implement
our marketing and growth strategies. Further, actual results may be
affected by our ability to compete on price and other factors with
other financial institutions; customer acceptance of new products
and services; the regulatory environment in which we operate; and
general trends in the local, regional and national banking industry
and economy, as those factors relate to our cost of funds and
return on assets. In addition, there are risks inherent in the
banking industry relating to collectability of loans and changes in
interest rates. Many of these risks, as well as other risks that
may have a material adverse impact on our operations and business,
are identified in our other filings with the SEC. However, you
should be aware that these factors are not an exhaustive list, and
you should not assume these are the only factors that may cause our
actual results to differ from our expectations.
SELECTED
FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars, except for ratios and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Mar. 31, 2020 |
|
|
|
Mar. 31, 2019 |
|
|
|
Var % |
|
|
|
Dec. 31, 2019 |
|
|
|
Var % |
|
|
SUMMARY OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
6,930 |
|
|
|
|
$ |
7,590 |
|
|
|
|
(9 |
)% |
|
|
|
|
$ |
7,428 |
|
|
|
|
(7 |
)% |
|
|
|
|
Interest
expense |
|
(1,225 |
) |
|
|
|
|
(1,366 |
) |
|
|
|
(10 |
) |
|
|
|
|
(1,387 |
) |
|
|
|
(12 |
) |
|
|
Net
interest income |
|
5,705 |
|
|
|
|
|
6,224 |
|
|
|
|
(8 |
) |
|
|
|
|
6,041 |
|
|
|
|
(6 |
) |
|
|
Provision for loan losses |
|
(600 |
) |
|
|
|
|
(175 |
) |
|
|
|
243 |
|
|
|
|
|
(180 |
) |
|
|
|
233 |
|
|
|
NII after
loss provision |
|
5,105 |
|
|
|
|
|
6,049 |
|
|
|
|
(16 |
) |
|
|
|
|
5,861 |
|
|
|
|
(13 |
) |
|
|
Investment
security losses |
|
— |
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Non-interest
income |
|
1,452 |
|
|
|
|
|
1,204 |
|
|
|
|
21 |
|
|
|
|
|
1,339 |
|
|
|
|
8 |
|
|
|
Non-interest
expense |
|
(4,980 |
) |
|
|
|
|
(4,752 |
) |
|
|
|
5 |
|
|
|
|
|
(4,903 |
) |
|
|
|
2 |
|
|
|
Income
before tax |
|
1,577 |
|
|
|
|
|
2,501 |
|
|
|
|
(37 |
) |
|
|
|
|
2,297 |
|
|
|
|
(31 |
) |
|
|
Federal income tax expense |
|
206 |
|
|
|
|
|
396 |
|
|
|
|
(48 |
) |
|
|
|
|
393 |
|
|
|
|
(48 |
) |
|
|
Net
income |
$ |
1,371 |
|
|
|
|
$ |
2,105 |
|
|
|
|
(35 |
)% |
|
|
|
|
$ |
1,904 |
|
|
|
|
(28 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares outstanding (000s) |
|
4,228 |
|
|
|
|
|
4,352 |
|
|
|
|
(3 |
)% |
|
|
|
|
|
4,324 |
|
|
|
|
(2 |
)% |
|
|
|
Earnings per
share, basic and diluted |
$ |
0.32 |
|
|
|
|
$ |
0.49 |
|
|
|
|
(35 |
) |
|
|
|
$ |
0.44 |
|
|
|
|
(27 |
) |
|
|
Dividends
per share |
|
0.19 |
|
|
|
|
|
0.16 |
|
|
|
|
19 |
|
|
|
|
|
0.12 |
|
|
|
|
58 |
|
|
|
Market
value |
|
13.50 |
|
|
|
|
|
23.79 |
|
|
|
|
(43 |
) |
|
|
|
|
21.81 |
|
|
|
|
(38 |
) |
|
|
Book
value |
|
17.32 |
|
|
|
|
|
15.70 |
|
|
|
|
10 |
|
|
|
|
|
17.19 |
|
|
|
|
1 |
|
|
|
Market value
to book value |
|
77.94 |
% |
|
|
|
|
|
151.53 |
% |
|
|
|
|
(49 |
) |
|
|
|
|
126.88 |
% |
|
|
|
|
(39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
712,650 |
|
|
|
|
|
$ |
685,496 |
|
|
|
|
|
4 |
% |
|
|
|
|
$ |
737,162 |
|
|
|
|
|
(3 |
)% |
|
|
|
|
Investments
securities |
|
133,638 |
|
|
|
|
|
138,953 |
|
|
|
|
(4 |
) |
|
|
|
|
138,966 |
|
|
|
|
(4 |
) |
|
|
Total
loans |
|
482,239 |
|
|
|
|
|
482,313 |
|
|
|
|
— |
|
|
|
|
|
518,716 |
|
|
|
|
(7 |
) |
|
|
Total
deposits |
|
593,256 |
|
|
|
|
|
571,576 |
|
|
|
|
4 |
|
|
|
|
|
618,381 |
|
|
|
|
(4 |
) |
|
|
Borrowings |
|
30,830 |
|
|
|
|
|
33,793 |
|
|
|
|
(9 |
) |
|
|
|
|
31,077 |
|
|
|
|
(1 |
) |
|
|
Shareholders’ equity |
|
73,209 |
|
|
|
|
|
68,319 |
|
|
|
|
7 |
|
|
|
|
|
74,338 |
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets |
$ |
713,808 |
|
|
|
|
|
$ |
692,479 |
|
|
|
|
|
3 |
% |
|
|
|
|
$ |
712,629 |
|
|
|
|
|
— |
% |
|
|
|
|
Average
total loans |
|
502,398 |
|
|
|
|
|
495,355 |
|
|
|
|
1 |
|
|
|
|
|
497,387 |
|
|
|
|
1 |
|
|
|
Average
total deposits |
|
593,163 |
|
|
|
|
|
582,752 |
|
|
|
|
2 |
|
|
|
|
|
594,794 |
|
|
|
|
— |
|
|
|
Average
shareholders' equity |
|
79,593 |
|
|
|
|
|
66,028 |
|
|
|
|
21 |
|
|
|
|
|
74,483 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
recoveries (charge-offs) |
$ |
22 |
|
|
|
|
$ |
(33 |
) |
|
|
|
(167 |
)% |
|
|
|
|
$ |
(356 |
) |
|
|
|
(106 |
)% |
|
|
|
|
Net
recoveries (charge-offs) to average loans |
|
0.02 |
% |
|
|
|
|
|
|
(0.03 |
)% |
|
|
|
|
|
(167 |
) |
|
|
|
|
(0.29 |
)% |
|
|
|
|
|
(106 |
) |
|
|
Non-performing loans as a % of loans |
|
1.71 |
|
|
|
|
|
1.82 |
|
|
|
|
(6 |
) |
|
|
|
|
1.65 |
|
|
|
|
4 |
|
|
|
Non-performing assets as a % of assets |
|
- |
|
|
|
|
|
1.28 |
|
|
|
|
(100 |
) |
|
|
|
|
1.16 |
|
|
|
|
— |
|
|
|
Allowance
for loan losses as a % of total loans |
|
- |
|
|
|
|
|
0.90 |
|
|
|
|
(100 |
) |
|
|
|
|
0.86 |
|
|
|
|
(100 |
) |
|
|
Allowance
for loan losses as a % of non-performing loans |
|
61.81 |
|
|
|
|
|
49.39 |
|
|
|
|
25 |
|
|
|
|
|
52.25 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIOSSTATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
3.56 |
% |
|
|
|
|
3.90 |
% |
|
|
|
(9 |
)% |
|
|
|
|
|
3.74 |
% |
|
|
|
(5 |
)% |
|
|
|
|
Return on
average equity - Company |
|
6.89 |
|
|
|
|
|
12.75 |
|
|
|
|
(46 |
) |
|
|
|
|
10.23 |
|
|
|
|
(33 |
) |
|
|
-
Bank |
|
- |
|
|
|
|
|
- |
|
|
|
|
(37 |
) |
|
|
|
|
11.65 |
|
|
|
|
(100 |
) |
|
|
Return on
average assets - Company |
|
0.77 |
|
|
|
|
|
1.22 |
|
|
|
|
(37 |
) |
|
|
|
|
1.07 |
|
|
|
|
(28 |
) |
|
|
-
Bank |
|
- |
|
|
|
|
|
- |
|
|
|
|
(28 |
) |
|
|
|
|
1.16 |
|
|
|
|
(100 |
) |
|
|
Efficiency
ratio - Company |
|
68.54 |
|
|
|
|
|
63.69 |
|
|
|
|
8 |
|
|
|
|
|
65.50 |
|
|
|
|
5 |
|
|
|
-
Bank |
|
63.66 |
|
|
|
|
|
60.75 |
|
|
|
|
5 |
|
|
|
|
|
62.54 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio - Company - Bank |
|
10.65 |
% |
|
|
|
|
|
10.79 |
% |
|
|
|
|
(1 |
)% |
|
|
|
|
|
|
10.98 |
% |
|
|
|
|
(3 |
)% |
|
|
|
|
|
9.49 |
|
|
|
|
|
9.57 |
|
|
|
|
(1 |
) |
|
|
|
|
9.85 |
|
|
|
|
(4 |
) |
|
|
Common equity tier 1
ratio - Company -Bank |
|
12.31 |
|
|
|
|
|
11.95 |
|
|
|
|
3 |
|
|
|
|
|
12.76 |
|
|
|
|
(4 |
) |
|
|
|
11.75 |
|
|
|
|
|
11.35 |
|
|
|
|
4 |
|
|
|
|
|
12.25 |
|
|
|
|
(4 |
) |
|
|
Tier 1 risk-based
capital ratio - Company -Bank |
|
13.18 |
|
|
|
|
|
12.80 |
|
|
|
|
3 |
|
|
|
|
|
13.63 |
|
|
|
|
(3 |
) |
|
|
|
11.75 |
|
|
|
|
|
11.35 |
|
|
|
|
4 |
|
|
|
|
|
12.25 |
|
|
|
|
(4 |
) |
|
|
Total risk-based
capital ratio - Company -Bank |
|
14.08 |
|
|
|
|
|
13.56 |
|
|
|
|
4 |
|
|
|
|
|
14.43 |
|
|
|
|
(2 |
) |
|
|
|
13.70 |
|
|
|
|
|
13.14 |
|
|
|
|
4 |
|
|
|
|
|
14.10 |
|
|
|
|
(3 |
) |
|
|
CONTACT:
James M. Gasior President & CEO(330)
282-4111
Cortland Bancorp (NASDAQ:CLDB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Cortland Bancorp (NASDAQ:CLDB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024